Stocks Rally Into Close; SolarCity Soars To New High

Stocks rallied into the close Friday, ending higher for the fourth straight week, as consumer confidence rose to a near six-year high and a gauge of future economic activity rebounded.

The Nasdaq and S&P 500 each rose 0.9%, while the Dow Jones industrial average gained 0.7%, ending at intraday highs. Volume was 7% lower on the Nasdaq but 17% higher on the NYSE compared to Thursday, according to preliminary data. The volume data may have been skewed by the expiration of stock options.

The Reuters/University of Michigan consumer confidence index jumped 7.3 points in May to 83.7, the highest since July 2007 and above views for 78. Meanwhile, the Conference Board's index of leading economic indicators rose a better-than-expected 0.6% in April following March's 0.1% decline, according to Econoday.

In the stock market today, SolarCity (SCTY), which went public in December, soared 26% to a new high on news that Goldman Sachs (GS) will finance more than $500 million to help the company install more solar panels.

Web.com (WWWW) jumped 4% to a new high in volume that was three times the stock's daily average. The provider of website publishing and management software to small and midsize businesses is 16% past an 18.57 buy point from a long double-bottom-with-handle base.

Eastman Chemical (EMN) also rose 4% in active trade. The maker of specialty chemicals is back above its 50-day moving average and just 1% below its Feb. 13 high. A disappointing first-quarter earnings report late last month had derailed the stock.

Meanwhile, IBD 50 stock Oceaneering International (OII) is also extended after a long run to new highs. The provider of engineering services to the oil and gas industry rose 2% Friday in fast trade.

MercadoLibre (MELI), another IBD 50 stock, climbed 4% in solid trade, poking above its May 7 high. The Argentina-based online retail and auction site operator is extended after a powerful rebound from its 10-week line.

On the downside, Autodesk (ADSK), a developer of computer-aided design software, sank 7% in huge volume after first-quarter profit fell 11% to 42 cents a share, weaker than expected. The stock sliced through its 50-day line. It had been down as much as 14% intraday, piercing its 200-day line, before recovering.

Aruba Networks (ARUN) plunged 26% after the maker of network equipment said late Thursday that profit for the latest quarter fell a greater-than-expected 31% to 11 cents a share.

Key economic data due next week include same-store sales on Tuesday; existing-home sales on Wednesday; new-home sales and initial jobless claims on Thursday; and durable goods orders on Friday. Federal Reserve Chairman Ben Bernanke is due to speak on Wednesday.

See Also

Just six companies are keeping second-quarter earnings growth in positive territory for S&P 500 businesses, which may suggest more softness to come. With 72% of S&P 500 companies having reported their performance in the last calendar quarter, earnings have grown a mere 0.9%. Revenue so far ...

Two days after Hillary Clinton called for a 700% expansion in solar installations by 2020, No. 1 residential solar installer SolarCity (NASDAQ:SCTY) was set to announce early Tuesday expanded solar financing options for small and midsize businesses. SolarCity says its expanded options will give ...

The Internet networking solutions group outperformed this week in the face of disappointing general market action. LogMeIn (NASDAQ:LOGM), the Composite Rating leader in the group, gapped to a record high Friday and broke out past a 70.10 flat-base buy point. Late Thursday, the provider of ...

Sales of commercial-grade unmanned aerial vehicles, or drones, are set to soar over the next 10 years, driven by applications such as filmmaking, mapping, prospecting and disaster relief. Market research firm Tractica predicts that worldwide shipments of commercial drones will increase from 80,000 ...

07/22/2015 06:39 PM ET

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